Philipp: After Thursday's closing price and volume market action, I expected Friday to be up in the AM. However, I expect S/MMs to conceal their preparation for the move up a little more than they did. I am learning to expect much less concealment in the "new era". I anticipated a slight follow through to the down side and then a reversal.
Due to dynamic accumulations at the close Thursday, I expected the market to stay up longer than it did and make its move down near the close. However, the sharp price run-up facilitated distribution quickly and at 11:30am EDT, I posted noting an expectation that the decline was beginning. I had to leave my trading desk at that time for the day.
Now, based on price action and volume at Friday's close, once again I expect Monday AM to be up. If it opens down, I would anticipate an early reversal. As for the rest of the day, I don't know. I will be watching the price and volume action after the open.
I still believe the overall market is going down further. A rally of some significance is needed soon, to give confidence to the dipsters and keep the Bulls expectations alive.
Bear market or just correction?...I do not know. Overall, my stuff still points down, for now!
BWDIK
Regards,
LG
EDIT: Last week my SHT MACD_OSC momentum reversed from down to up on most US market indices. No short term buy signal yet! |
